突发事件冲击下基于或有支付机制的创投融资决策

Venture Capital Financing Decision Based on Contingent Payment Mechanisms under the Impact of Unexpected Sudden Events

探讨了突发事件冲击下基于或有支付机制的创业融资优化决策问题.假定创业企业利润流服从跳跃扩散过程,运用实物期权方法推导出投资机会价值与最优投资时机,给出了最优的或有支付决策,使得创业企业家和风险投资家愿意共同支持给定的创业企业的增长策略.研究发现,突发事件时创业企业家和风险投资家的最优投资时机不受或有支付类型的影响.突发事件的平均发生率越大,双方共同投资的时机越早.利润流跳跃幅度越大,共同投资的时机也越早.目标实现时刻进行支付的或有支付具有更高的投资机会价值,可变数额或有支付具有更高的投资机会价值.

The entrepreneurial financing decision is discussed based on contingent payment mechanism under the impact of unexpected sudden events.Assuming that the profit flow of entrepreneurial firm follows the jump-diffusion process,the real option approach is used to derive the investment opportunity value and optimal investment timing.At the same time,the optimal contingent payment will be obtained so that one entrepreneur and one venture capitalist are simultaneously and jointly willing to support a given entrepreneurial firm and its growth strategy.In the case of joint analysis of emergency and contingent payment,the study shows that the optimal investment timing of simultaneous and joint investment of the two parties is not affected by the types of contingent payments,but with the increase in mean arrival rate of emergencies or jump size of profit flow,the entrepreneurs prefer to invest early rather than wait.Then,from the perspective of the due date,the contingent payments due at the hit has a higher investment opportunity value,and from the perspective of the payment amount,the variable contingent payment possesses higher investment opportunity value.